Four and a half years after the agreement between the U.S and Korean governments, the U.S.-Korea Free Trade Agreement (KORUS FTA or KORUS) was finally approved by both the U.S. Congress and the Korean Parliament in late 2011 and has been in effect since March 15, 2012. KORUS is the most important free trade agreement for the U.S. since the North American Free Trade Agreement (NAFTA) that came into force in 1994. Korea has become an important trade partner of the United States, for which Korea is the 7th largest trading partner, 5th largest export market for agricultural products, 2nd largest market for U.S. services in Asia, and 10th largest market for information technology products. The total U.S.-Korea trade volume tripled over just two decades between 1990 and 2011. However, the relative importance of two countries’ bilateral trade has declined in recent decades. (The rest omitted)